Mirae Asset eyes 40,000 cr AUM in 2019; eyes 74% growth over 2018

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Mirae Asset Mutual Fund (MF) has set a target to clock Rs 40,000 crore of assets under management (AUM) in calendar 2019, eyeing 74 per cent growth over 2018.

The company had closed 2018 with Rs 23,000 crore of AUM and recorded a growth of more than 50 per cent during the calendar year.

“We have broken into the top 15 asset management companies based on AUM and positioned at 12 based on equity assets. We aim to touch Rs 40,000 crore by December end this year,” said Swarup  Mohanty, chief executive officer of Mirae Asset Global Investments (India) Pvt Ltd, a wholly-owned subsidiary of South Korea-headquartered Mirae Asset Financial Group.

Mohanty said, out of Rs 40,000 crore AUM, about Rs 32,000 crore will be equity, the balance being debt.

Mirae Asset has recorded an increase in the number of investor folios with more than 1.39 million investor folios (including more than 690,000 SIP investors) as on March 31, 2019.

The company is rolling out a new scheme namely Mirae Asset Focussed Fund. The fund will be invested in a focused portfolio of maximum 30 stocks and has the flexibility to invest across  focus in large cap, mid cap and small cap categories. The NFO (new fund offering) of the fund will open from  April 23, 2019 till May 7, 2019.

“Mirae Asset MF is enhancing its product basket to provide varied investment solutions for its investors and partners. The new offering will help us increase our equity offering and enlarge our investor base”, said Mohanty.

The mutual fund company aims to raise Rs 500 crore through the NFO. In addition, the company also has plans to launch a new mid-cap fund this year.

The AUM of Mirae Asset in Odisha is Rs 250 crore (as on March 31 2019) and aims to close this year with Rs 400 crore.